Bitcoin price started to fall below the $105,000 zone again. BTC is down almost 5% and is trying to close below the $100,000 support zone.
- Bitcoin started a new decline from the $108,000 resistance zone.
- The price is trading below $104,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it remains above the $98,000 support zone.
Bitcoin price is hit
Bitcoin price tried to make more gains above the USD 108,000 resistance zone. However, BTC failed to hold higher and responded to the downtrend below the USD 105,000 level.
There was a clear move below the USD 102,500 support level. The price even dropped below $100,000. A low was formed at $98,728 and the price is now consolidating losses. A connecting bearish trendline is also forming with resistance at $102,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $104,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 100,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low.
The first major resistance is near the $101,000 level and trendline. A clear move above the USD 101,000 resistance could push the price higher. The next major resistance could be $102,250. A close above the resistance at $102,250 could send the price higher.
In the said case, the price could rise and test the $103,500 resistance level or the 50% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low. Any further gains could send the price towards the $106,000 level.
More disadvantages of BTC?
If Bitcoin fails to rise above the $101,000 resistance zone, the price may continue to decline. The immediate downside support is near the USD 98,500 level.
The first major support is near the $98,000 level. The next support is now near the $96,200 zone. Any further losses could send the price towards the USD 95,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 98,000, followed by USD 96,500.
Major resistance levels – $101,000 and $102,000.
